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Plaintiffs claim climate-induced cat losses have spurred increases in premiums. -
The subsegment is the latest commercial auto sector to feel the heat of litigation losses.
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Many carriers are still pricing above technical rate, but could reassess their strategies after Q1.
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The carrier said it anticipates a better market due to recent reforms.
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Casualty rate increases largely stabilized in Q2 and Q3 at 5%-10% for general liability.
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Despite a softening market, underwriters were still able to attain up to 10% above technical pricing.
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With property getting more competitive, FM pursued an opportunity for growth in E&S with Velocity.
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Softening rates amid worsening loss costs paints an uncertain future for the industry.
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The agency cited moderating premium growth and selective underwriting capacity as factors behind the downgrade.
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The broker said R&W rates rose to 2.8% in Q2 vs 2.5% in Q1.
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The growth and profitability survey predicts 8.5% median growth for 2025.
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Workers’ compensation was the only line that saw a YoY decrease.
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Rate decreases are often in double digits, but high loss trends and systemic risk persist.
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The insurer reached highs of over 1.4 million policies in September 2023.
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Some disagreement remains in where rate declines have been swiftest and how much further they could go.
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The specialty carrier’s share price fell nearly 7% on the day of the call.
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Workers’ comp rates dropped again, but the decline slowed from last quarter.
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September’s medical care index increase follows a 0.2% drop in August.
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While limited to only some accounts, it’s a sign of the intense competition in the segment.
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Property insurance rates declined by 9%, the same as in the prior quarter.
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Property pricing fell by 8%, while casualty rate increases tapered to 3%.
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MGAs that are good operators will stick out compared to the rest.
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Property, cyber and workers’ comp rates were all down mid-single digits, offsetting casualty hardening.
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Rachel Turk was speaking on an Aon Reinsurance Renewal Season panel.
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